Ripple is set to provide a response to the SEC’s motion, which aims to obtain a court order preventing the sale of XRP to institutional investors. This ongoing legal dispute has had an impact on the price of XRP, which currently hovers below the 50-day EMA but remains above the 200-day EMA.
At the moment, the price of XRP is around $0.60, waiting for a strong bullish surge that could lead to a breakout and push the price up to $1.0. However, investors are cautious as they await Ripple’s response to the SEC’s recent filing, expected later this month.
On March 26, the SEC filed a redacted version of the opening brief related to the remedy, and also argued for additional penalties against Ripple for violating securities laws. The SEC is seeking a court order that would prohibit Ripple from selling XRP to its institutional clients, as reported by Crypto News Flash.
Ripple is required to submit its opposition brief by April 22, with a redacted version to be released on April 24. The response must specifically address the issue of post-complaint conduct.
The court’s decision on whether to prohibit Ripple from selling XRP could have a significant impact on the company’s plans to expand its business in the US. Ripple’s ability to pay potential penalties will also be a crucial factor. If Ripple can prove that all post-complaint sales of XRP occurred outside the US, the court may impose lower penalties.
The XRP price currently remains below the 50-day EMA, indicating a bearish trend in the short term. However, it remains above the 200-day EMA, suggesting a bullish outlook in the long term. A potential breakout above the 50-day EMA could lead to XRP testing the resistance level at $0.6609. Investors should closely monitor updates on the SEC’s actions and any developments in crypto regulation, as they could impact XRP’s performance.
If XRP drops below the 200-day EMA and the support level of $0.5740, it could prompt a test of the trend line. The RSI reading of 45.78 suggests a possible decline in XRP’s price towards the trend line, potentially reaching oversold territory.
In addition, Ripple has been making significant developments, including the launch of a USD-pegged stablecoin, as reported by Crypto News Flash.
